Nepal's economy to grow by 5.84%: CBS

This image shows the office of Central Bureau of Statistics in Thapathali, Kathmandu in July 2021. Photo courtesy: Pushpendra Khadka

KATHMANDU: Nepal’s economy is projected to grow 5.84% in the current fiscal year 2021/22 ending in mid-July, the data and statistics made public by the Central Bureau of Statistics (CBS) on Thursday showed.

The growth rate of gross domestic product (GDP) at basic price is estimated to be 5.49%, according to the data prepared on the basis of information related to the economic sectors for the six to nine months of the current fiscal year 2021/22. The same growth rate is estimated to be 3.83% in the last fiscal year 2020/21 while the GDP contracted by 2.42% in the fiscal year 2019/20.

Likewise, the annual growth rate of gross domestic product (GDP) at purchaser’s price is estimated to be 5.84%.

The CBS has made public economic indicators and statistics related to important National Accounts including GDP, consumption, saving and investment.

It is estimated that agriculture sector contributes 23.95% and non-agriculture sector 76.05% to the GDP in the current fiscal year.

Likewise, the growth rate of value added (GVA) of the agriculture sector (agriculture, forest and fisheries) is projected to increase by 2.3% in the current fiscal year. Similarly, the GVA of non-agricultural sector is projected to grow by 6.88%.

The agriculture sector has the largest weight in GDP in the current fiscal year 2021/22 as in the previous year. The agriculture sector accounted for 24.9% of the GDP last year, but in the current fiscal year, this weight has decreased to 23.95%.

The analysis of data by dividing the overall industrial sector into three sectors, primary, secondary and service (tertiary), shows that the contribution of the tertiary sector and secondary sector to the GDP has increased in the current fiscal year 2021/22 but the contribution of primary sector has decreased with compared to last fiscal year.

In order to formulate economic policy by measuring various aspects of the economy and to monitor and evaluate economic development activities, the CBS regularly prepares economic indicators and statistics related to important national accounts.

As the Covid 19 pandemic still exists in the world, it is believed that it will not have a negative impact on the national economy and economic activities will return to normalcy by the end of this fiscal year.

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